It was a pretty quiet start to the week, the SPX printing 4072, but recovering to settle +0.1% to 4109. Meanwhile, WTIC settled -96cents (1.2%) to $79.74.
sp’weekly1c
WTIC daily
Summary
SPX: the H/S structure remains valid. I’m open to a brief foray >4133, but any weekly settlement >4140 would be decisive, and violate the scenario. Momentum is ticking upward.
WTIC: oil printed $81.22, but settled at $79.74. Bulls could argue s/t structure is a bull flag. The concern should be an economic slowdown into the summer.
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Looking ahead
Tuesday has no econ-data scheduled.
Earnings: KMX, ACI
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A few PF charts…
Computer is seeking the $72s… which looks realistic in May.
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Computer is seeking the $18s… just above my natural target of the 16/15s.
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Computer is seeking the $113s (top left number… not red, due to the scale).
I’d look to two downside gaps… to the $108s
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Computer is seeking the $37s, and that would arguably need SPX around 3K.
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Final note
Suffice to add… whilst today was pretty tedious, the week should liven up from here. Either CPI and/or PPI data will be prone to re-awakening concern the Fed isn’t done with raising rates.
Yours truly will hope for an exit around sp’4K, but I’d settle for the 4040/30s.
Goodnight from London